How many workers will this firm hire at a wage

Reference no: EM13221061

Suppose a firm's short-run total product schedule is given in the table below. It sells its output in a competitive market for $1.50 per unit.

a. How many workers will this firm hire at a wage of $7?

b. If the wage rises to $9, how will the firm adjust its employment?

Labor Total Product Marginal Product Marginal Revenue Product 0 0 1 8 2 18 3 29 4 39 5 47 6 52 7 53 8 53

Reference no: EM13221061

Questions Cloud

How does the change affect the bid rent function : Suppose all employers in city c decide to adopt a 4-day week, so that workers ether work 10 hours per day for 4 days or work at home for one day a week. Wages remain the same. How does this change affect the bid rent function

Who in the organization needs to be involved in designing : Who in the organization needs to be involved in designing and implementing a MRP system?

Corruption and bribery are common in some countries : Corruption and bribery are common in some countries. Would you simply avoid locating in such a country, or locate there and deal with it? If the latter, how would you deal with it?

Explain the glucose molecule that would become labeled : Predict the position(s) of the glucose molecule that would become labeled from 1-14C pyruvate (i.e., the label in the carboxyl group of pyruvate).

How many workers will this firm hire at a wage : Suppose a firm's short-run total product schedule is given in the table below. It sells its output in a competitive market for $1.50 per unit. a. Complete the table. How many workers will this firm hire at a wage of $7 b. If the wage rises to $9, h..

How would it make or save money if implemented : Stating the intrinsic value is important as part of the return, but how would it make or save money if implemented vs the time and cost in delivery? Please share thoughts on this. Provide an example if possible.

Define dry-cleaning solvent : dry-cleaning solvent (molecular weight = 146.99 g/mol) that contains C, H, and Cl is suspected to be a cancer-causing agent. When a 0.133 g sample was studied by combustion analysis, 0.239 g of CO2 and 0.0323 g of H2O formed. How many moles of eac..

Find a formal process or reporting form : Can anyone find a formal process (steps) or reporting form in conducting an evaluation?

Determine does the demand curve shift right or left : Now consider the long run, in which bike manufacturers are free to enter and exit the market. Show the possible effect of this free entry and exit by shifting the demand curve for a typical individual producer of bikes on the following graph

User Account

All Pages